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Hassett and Mathur: Consumption and the Myths of Inequality

The standard of living has increased among all income groups over the past decade.

By

Kevin A. Hassett And Aparna Mathur

Oct. 24, 2012 7:00 p.m. ET

In multiple campaign speeches over the past week, President Obama has emphasized a theme central to Democratic campaigns across the country this year: inequality.

Blasting a caricature of his opponent's economic policies, Mr. Obama has said, "it's the same philosophy that's been squeezing the middle class for more than a decade." Massachusetts Senate candidate Elizabeth Warren made inequality a theme in her speech at the Democratic National Convention in September. "The system is rigged," Ms. Warren...